When deciding between different types of life insurance, the main two choices are term life insurance and permanent life insurance. Which way you decide to go depends on a number of factors as well as plusses and minuses for each route. Learn more about Freedom Life Insurance: https://www.facebook.com/pg/Freedom-life-insurance-agency-Calinan-Branch-938281249582028/about/
Individual circumstances and what you think will happen in your life in the future will help you chart the choice between these two choices. You also need to decide on the company that will underwrite your policy. One of the better choices in the US is Freedom Life Insurance.
A term life insurance policy is a great choice if you need coverage for a specific number of years. You specify the number of years and once that time runs out the policy ends. This is a good choice for people with dependents, such as those with young children.
You can figure out when they’ll stop depending on your money for the most part, at the end of the college years in all likelihood, and choose a term policy that meets that need.
Another advantage of term life policies is that you can get a policy with a large face value. According to Bloomberg, the price per thousand dollars of coverage is less expensive on a term life policy so you save money while protecting your loved ones financially. Freedom Life Insurance offers a policy that will fit this need perfectly.
Permanent life insurance will be in force, assuming you pay the premiums, until the day you die. The reason to choose such a policy is if you want to save money in the policy that will grow on a tax-deferred basis. Additionally, once you have accumulated money in the policy you can use it to pay the premiums. You can also borrow your money in the policy if a need arises to do so.
As Freedom Life Insurance explains, there are a few types of permanent life policies. This includes whole life policies, variable life insurance, and universal life insurance. There are differences between these types of life insurance products but broadly speaking they will last until your final days.